Nyrada Inc. (ASX:NYR) Reports Half-Year Financial Results
Financial Performance
Nyrada Inc. reported revenues of $884,584 for the half-year ended 31 December 2024, a 64% decrease compared to the previous period. The company recorded a loss of $2,457,415 after tax, marking a significant downturn from a profit of $136,359 in the same period last year. The cash position at the end of the reporting period stood at AU$5.71 million, bolstered by a R&D tax incentive refund and capital raising activities.
Operational Developments
Nyrada continued the development of its lead drug candidate, NYR-BI03, a TRPC ion channel blocker, demonstrating significant preclinical efficacy in neuroprotection and cardioprotection. The company received approval from the Human Research Ethics Committee to initiate a first-in-human Phase Ia clinical trial at Scientia Clinical Research. Additionally, Nyrada submitted patent applications across multiple regions to protect its intellectual property assets.
Outlook
Nyrada plans to commence its Phase Ia clinical trial for NYR-BI03, with final trial readouts expected in Q3 CY2025. The company remains committed to developing treatments for unmet clinical needs and exploring additional applications for its lead drug candidate.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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